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Tuesday, 24 August 21
COAL PRICE RALLY TO PRESSURE CHINESE POWER GENCOS’ MARGINS FITCH RATINGS
 Fitch Ratings expects the pressure on Chinese power generation companies’ (gencos) profit from the recent coal price surge to weaken their credit metrics in 2021. However, the magnitude may vary as they have different risk exposure to coal-price fluctuations from factors such as fuel mix, business and geographical diversification, degree of integration and coal procurement strategy.
The Chinese benchmark Qinhuangdao 5,500 kcal/kg coal price surged 66% yoy to CNY942/tonne by end-July 2021. Power gencos with higher capacity contribution from coal-fired power and less integration into the coal-mining business are more vulnerable to the coal price rally.
However, their coal procurement strategies may partly mitigate the adverse impact. Some power gencos maintain a high share of procurement via long-term contracts, which, to some extent, can mitigate their lack of a natural hedge from having an upstream coal-mining business. Power gencos in coastal regions also use more imported coal, which is generally cheaper than domestic coal, while power gencos with assets in proximity to low-cost inland coal mines benefit from lower coal price volatility and transport costs.
Fitch expects rated Chinese power gencos’ leverage to rise in 2021 due to lower operating cash flow, reflecting the coal-price-driven profit decline, and higher capex to fund renewable investments. We expect most of the rated gencos’ Issuer Default Ratings (IDR) to remain intact due to their status as government-related entities or subsidiaries with IDRs linked directly or indirectly to the creditworthiness of their local governments under a top-down approach based on our Government-Related Entities Rating Criteria. However, standalone credit profile headroom for some entities may be reduced due to the elevated leverage.
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Saturday, 11 September 21
CIL STEPS UP SUPPLY COAL TO POWER SECTOR; PER-DAY AVERAGE 20 PC HIGHER THAN LAST YEAR - PTI
State-owned CIL on Friday said it has stepped up the supply of coal to the power sector in the first eight days of the current month, with an avera ...
Saturday, 11 September 21
RECORD CHINESE COAL FUTURES SIGNAL NEED TO BOOST OUTPUT - REUTERS
China’s coal prices have climbed to a record high, signaling the need for more production in the short term, even as the government tries to ...
Saturday, 11 September 21
IN 2022, EIA EXPECTS U.S. COAL PRODUCTION TO INCREASE BY 47 MMST TO 648 MMST
U.S. Coal production accordng to EIA's forecast, totals 601 million short tons (MMst) in 2021, 66 MMst more than in 2020, EIA's Short-Term ...
Wednesday, 08 September 21
FITCH RATINGS RAISES THERMAL COAL PRICE ASSUMPTIONS ON TIGHT SUPPLY
Fitch Ratings has increased all its Qinhuangdao 5,500kcal/kg price assumptions and short- and medium-term Newcastle 6,000kcal/kg price assumptions ...
Wednesday, 08 September 21
COAL IS STILL KING; INDONESIAN COAL PRICE REFERENCE ABOVE $150 FOR FIRST TIME IN HISTORY
COALspot.com: The Indonesian Coal Price Reference rose dramatically from US$ 127.05 in February 2011, to a peak of US$ 150.03 in September 2021, be ...
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- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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